It will all be about communications. The statement will be significantly revised, possibly completely rewritten and shorter. I'm interested to see if he goes back to the discussion of the balance of risks.

Normally the statement is put together with a redline of changes from the prior statement. Even without a new chairman, you'd see the bias change.

He might. His discussion will be with the committee about whether to get rid of the dot plots altogether. I don't expect the entire SEP to go, but I do expect the dot plots to go.

There is no conflict between remaining a hawk and talking about different measurements of inflation. Kevin Warsh wants to be a great Fed chairman. The Fed's primary job is controlling inflation. He will not let inflation run hot to please President Trump. He will focus on inflation in a strong way, though he may approach and measure it differently.

His idols are the great Fed chairmen.

It was important that Kevin asked her to stay and that she agreed. She is one of the most respected members of the Fed staff. She has the ability to adapt to and support each chairman in the way they need to be supported to make them the strongest chairman possible.

I have not met anybody who has better judgment than Michelle Smith.

He will be supportive of the Fed's mission. He will not work against the chairman. This is not petty office politics; it's the job of the American people. He will express his views in meetings but won't criticize the chairman publicly.

I don't know. He is staying to make sure of the independence of the Fed. He is looking for a signal that the legal investigations into him and his role at the Fed are completely ended. So far, I don't think he has gotten that from the DOJ.